Richard Cordray

New Hampshire’s senators split their votes over the president’s nominee to head the nation’s new bureau to protect consumers from financial fraud.

Ohio Attorney General Richard Cordray didn’t stand a chance and it’s not because he’s controversial. Republicans just don’t like the consumer bureau the president asked him to head. The new bureau is housed in the Federal Reserve and paid for with its funds. Without the need to ask for money annually Republicans, such as New Hampshire’s Kelly Ayotte, say lawmakers lack essential oversight powers.